Noront Resources Ltd. ("Noront" or the "Company") (TSX Venture: NOT) is pleased to announce that it has entered into an agreement in principle to issue to certain institutional investors (the "Investors") 2,436,364 common shares of Noront at $2.75 per share for aggregate gross proceeds to the Company of approximately C$6.7 million. The shares will be issued pursuant to a prospectus.

Pursuant to an agreement reached by Noront and the Investors, this offering is being completed in settlement of a dispute related to the validity of the Investors' acceptance of Noront's offer to acquire all of the issued and outstanding securities of Freewest Resources Canada Inc.

There is no need for editorial comment on this. Readers are smart enough to figure out the implications for themselves.